2024 Budget maintains all services, and even more recreational opportunities for the community. Newmarket property taxes remain 10 per cent lower than the GTA average.
After many months of deliberation and engagement with the community to limit the financial impact to residents as much as possible, Council approved a fiscally responsible 3.99 per cent tax increase (Town Portion) for the 2024 Budget. In total, the 3.99 per cent equates to a $96 ($8 per month) increase for the average assessed home at $709,000*.
The total approved 2024 Operating Budget is $160.1 million, and the Capital Budget is $70.6 million with a combined total of $230.7 million.
The 2024 Budget also includes an annual increase of $48 ($4 per month)on the water and wastewater bill and an increase of $125 ($10 per month) for the stormwater charge for the average assessed home in Newmarket*. The 2024 Budget will continue to be aligned with Newmarket's Fiscal Strategy that ensures the Town's future sustainability as a community.
The Operating Budget ($160.1 million) will pay for the day-to-day Newmarket resident services including emergency and fire services from Central York Fire Services and the operation of the Newmarket Public Library. Property taxes account for 48 per cent of the operating budget with the remaining funded through other revenue sources (provincial grants and subsidies, user fees, sponsorships etc.)
See below for what each Newmarket service would cost monthly for the average assessed home in Newmarket*:
The Capital Budget funds major construction projects and repairs and upgrades to the Town's assets and infrastructure. Capital projects are funded from dedicated and non-transferable sources. Highlights of the Capital Budget include:
- Improvements to Newmarket's Parks and Trails
- Continued work on Newmarket's iconic Mulock Park – an extraordinary park for today and tomorrow
- Continued work on the Mulock Multi-Use Path which will run from Bathurst Street to Harry Walker Parkway (approx. 6km) along Mulock Drive
- Improvements and upgrades to Newmarket's facilities
- Road resurfacing projects to ensure safe Newmarket roads
- Continued investment into the maintenance of stormwater ponds that will reduce localized flooding and protect the environment from stormwater runoff.
- Commitment to upgrades to sport pads and parkettes
About the Budget Process
Each year the Town of Newmarket undertakes a detailed budget planning process to ensure we are meeting the needs of our community now and in the future. This includes valuable input from the community which helps guide the Strategic priorities of Council. While planning for the 2024 budget, the Town continues to face significant budget pressures including increased costs of goods and services, inflation, high interest rates and reduced revenues as a result of Bill 23. We know that our community is feeling these pressures as well. Our goal is to continue to find the balance between keeping municipal taxes low while maintaining the high level of services that make Newmarket a top place to live in Canada, investing in our assets and preparing for the future.
Where do you tax dollars go?
Budget Bits & Bites
Thank you to everyone who participated in our Budget Bits & Bites series on our social media channels. The winners have been contacted. Here are the answers:
Can you guess what is the replacement value of all of the Town's assets? (roads, parks, vehicles, bridges, etc.
From buildings and roads to vehicles and stormwater networks, the replacement value for all of the Town's assets is over $3 billion.
What percentage of your property taxes pays for Newmarket services?
Approximately 40% of your property taxes pays for Newmarket services. These include waste management, fire and emergency services, community programs, parks, facilities and much more.
How many kilometers of roads does the Town maintain?
The Town maintains 252 km of roads! In addition, 297 km of storm sewers, 308 km of watermain, and 273 km of wastewater sewers are also maintained by the Town.
Can you guess how much money the Town has in its reserve and reserve funds (as of the end of 2022)?
The Town had $190 million in reserve and reserve funds by the end of 2022.
Get Involved in the 2024 Budget
As always, it is very important to hear from our residents as we work together to shape the 2024 budget and the future of our community. Please have your voices heard by attending or watching the following meetings/ public engagement opportunities. Follow the Town's social media channels for ways to engage in the 2024 budget and chances to win Choose Local gift cards.
|Committee of the Whole - 2024 budget process overview and target
|May 29, 2023
|Committee of the Whole – Preliminary draft budgets
|Budget booth at the Newmarket Farmers’ Market, visit us to
learn more about the 2024 budget and future plans for the community
|Special Committee of the Whole – Review of capital and
rate-supported operating budgets
|Special Committee of the Whole – Review of the tax-supported operating
|Committee of the Whole – Presentation of the draft budgets
and fees and charges
|Council meeting – Council approval of the 2024 Budget
Additional Information about the Budget